TRUST PROJECT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TRUST PROJECT
Largest movements
- Receivables within one year +€32,629
new in 2025: €32,629
- Cash -€6,986
down €6,986 (-13.1%), from €53,534 to €46,548
mainly Receivables within one year (-€32,629) and Tax, wage and social debts (-€4,618)
- Tangible fixed assets -€3,148
down €3,148 (-14.1%), from €22,390 to €19,242
of which Plant, machinery and equipment: -€5,148
- Other debts +€18,035
up €18,035 (+3221.9%), from €560 to €18,595
- Profit (loss) carried forward +€9,503
up €9,503 (+912.6%), from €1,041 to €10,544
- Tax, wage and social debts -€4,618
down €4,618 (-19.6%), from €23,591 to €18,972
- Gross operating margin -€22,516
down €22,516 (-48.3%), from €46,574 to €24,057
- Taxes -€6,604
down €6,604 (-58.5%), from €11,286 to €4,681
- Depreciation +€1,970
up €1,970 (+39.3%), from €5,017 to €6,986
- Financial charges +€1,438
up €1,438 (+1011.7%), from €142 to €1,580
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €84,874 | €107,369 | +€22,495 | +26.5% |
| Fixed assets | 21/28 | €22,390 | €19,242 | -€3,148 | -14.1% |
| Tangible fixed assets | 22/27 | €22,390 | €19,242 | -€3,148 | -14.1% |
| Plant, machinery and equipment | 23 | €5,148 | - | -€5,148 | |
| Furniture and vehicles | 24 | €3,180 | €8,809 | +€5,629 | +177.0% |
| Other tangible fixed assets | 26 | €14,062 | €10,434 | -€3,629 | -25.8% |
| Current assets | 29/58 | €62,484 | €88,127 | +€25,643 | +41.0% |
| Amounts receivable within one year | 40/41 | - | €32,629 | +€32,629 | |
| Other amounts receivable | 41 | - | €32,629 | +€32,629 | |
| Current investments | 50/53 | €8,950 | €8,950 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,534 | €46,548 | -€6,986 | -13.1% |
| Total equity and liabilities | 10/49 | €84,874 | €107,369 | +€22,495 | +26.5% |
| Equity | 10/15 | €58,541 | €68,044 | +€9,503 | +16.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €54,500 | €54,500 | = | 0.0% |
| Distributable reserves | 133 | €54,500 | €54,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,041 | €10,544 | +€9,503 | +912.6% |
| Amounts payable | 17/49 | €26,333 | €39,325 | +€12,992 | +49.3% |
| Amounts payable within one year | 42/48 | €26,333 | €39,325 | +€12,992 | +49.3% |
| Trade debts | 44 | €2,182 | €1,758 | -€424 | -19.4% |
| Suppliers | 440/4 | €2,182 | €1,758 | -€424 | -19.4% |
| Taxes, remuneration and social security | 45 | €23,591 | €18,972 | -€4,618 | -19.6% |
| Taxes | 450/3 | €23,591 | €18,972 | -€4,618 | -19.6% |
| Other amounts payable | 47/48 | €560 | €18,595 | +€18,035 | +3221.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,017 | €6,986 | +€1,970 | +39.3% |
| Other operating charges | 640/8 | €92 | €473 | +€381 | +414.6% |
| Gross operating margin | 9900 | €46,574 | €24,057 | -€22,516 | -48.3% |
| Operating profit (loss) | 9901 | €41,465 | €16,597 | -€24,867 | -60.0% |
| Financial charges | 65/66B | €142 | €1,580 | +€1,438 | +1011.7% |
| Recurring financial charges | 65 | €142 | €1,580 | +€1,438 | +1011.7% |
| Profit (loss) for the period before taxes | 9903 | €41,323 | €15,017 | -€26,305 | -63.7% |
| Income taxes | 67/77 | €11,286 | €4,681 | -€6,604 | -58.5% |
| Profit (loss) for the period | 9904 | €30,037 | €10,336 | -€19,701 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,037 | €10,336 | -€19,701 | -65.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.